We don’t think of our house of a way to make money. In fact, it’s probably one of the most significant things we spend our money on month after month! After all, mortgage bills and bills can add up every month. But if you could do with some extra money, your home is a great place to start. In fact, here are some surprising ways your house can give you funds.
You could rent out one of your rooms
If you currently live in a home which offers more bedrooms than you need, it’s a very good idea to consider renting out the spare room. After all, it could make you some extra cash without you having to do anything! And over time, the money could soon add up to a tidy amount. Of course, you need to be careful about who you rent the room out to. After all, you don’t want someone who is going to take advantage to live under your roof. To ensure you do it safely, you ought to rent it out through an estate agent. They will do many checks on the person before they can come through the door. And make sure the contract is only for a couple of months. That way, if it doesn’t work out, you can say cheerio without it causing a huge issue.
You could potentially remortgage
With house prices constantly rising, your property is probably worth more than when you originally bought it. And as you have been paying off the mortgage every month, your equity on the home is likely to be growing. Therefore, if you require some money for home improvements or to buy a new car, you should consider remortgaging your property. It means money will be released which will go into your pocket. And the repayments on your new mortgage might not be much higher than you are currently paying. Just make sure you consider the additional costs including remortgage conveyancing fees if you are going down this road. After all, you don’t want to leave yourself short when you are remortgaging your home. And make sure you are happy to stay at the house for a while yet. After all, you don’t want to get a new mortgage then decide to move house in a year!
You could rent out your garage or drive
If you live in a prime location, you might want to consider renting out your drive. After all, people will be willing to pay money to rent your driveway. After all, it’s going to be a lot cheaper than having to park in car parks which can be a small fortune! And it will give them close access to their work. And it’s not just your drive you can rent out; your garage could be a gold mine too. After all, people might rent it to use to store additional cars. Or even to use as a workshop. Therefore, put your drive and garage on legitimate sites like JustPark to start making some money!
And remember you could use your home for your business. For example, you could turn the living room into a salon where you can work on clients. Or you could even turn the house into a bed and breakfast which could make you a ton of money!